Chinese Battery Shares Decline on Plan to Cut Export Tax Rebates [Yahoo! Finance Canada]
Citigroup, Inc. (C)
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Source: Yahoo! Finance Canada
Most Read from Bloomberg China announced a rejig of its value-added tax rebates on hundreds of export products starting from April, with discounts on 22 battery-related goods to be cut to 6% from 9%. A complete removal is planned from 2027. “The decline in Chinese battery stocks today appears to be a knee-jerk reaction,” said Gary Tan, portfolio manager at Allspring Global Investments LLC. “Investors view it as an early signal of tighter oversight on overseas battery shipments, a key demand driver last year.” The measure comes as Beijing takes voluntary moves to rein in the exports of some goods, including battery-related items, as trade tensions with partners such as the European Union remain intense despite a tariff truce with the US. This could also add pressure to the battery sector when China is already urging the industry to curb excessive capacity expansion and avoid cutthroat competition. Lithium, meanwhile, extended its recent rally on Monday, aided by expectations o
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- Citigroup (NYSE:C) had its "neutral" rating reaffirmed by analysts at UBS Group AG.MarketBeat
- Citigroup (NYSE:C) had its "outperform" rating reaffirmed by analysts at Royal Bank Of Canada. They now have a $121.00 price target on the stock.MarketBeat
- Citigroup (NYSE:C) was given a new $135.00 price target on by analysts at Piper Sandler.MarketBeat
- Citigroup (NYSE:C) had its "overweight" rating reaffirmed by analysts at Morgan Stanley.MarketBeat
- Citigroup (NYSE:C) was given a new $144.00 price target on by analysts at Oppenheimer Holdings, Inc..MarketBeat
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